S&P 500 (SPX) can still go either way. The 4 hour Keltner/Bollinger channel (K/B) awaits for a trigger. The initial target still stands at the SPX 1710 level if 1700 breaks to the upside. Failure to breakout and I can see 1640 – 50. All markets are chalk full of divergences and if there is an upside breakout, it will likely be capped. Whether it is SPX 1700, 1710, or 1750, I will take it one day at a time. The markets are in a desperate need of a reset and the monthly TD Sequential are/have been signaling a reversal is due.
Markets exploring top and bottom ranges almost daily. There is a slight bias to the upside with the 4 hour chart recording a bullish price flip. Not expecting the Fed to come out with any information that has not been discounted so far. The real catalyst may come on the US payroll report this Friday. (updated intraday)